Taxpayers have an obligation to notify the SRO of certain errors in their land tax assessment notices.
Taxpayers are required to notify the SRO within 60 days of the date of the assessment if they:
- own additional land which has not been included in their assessment;
- receive two or more assessments for different parcels of land which are solely owned by them; or
- receive the benefit of an exemption which they are not eligible for (e.g. the principal place of residence exemption or the primary production exemption).
Furthermore, in relation to land held by trusts, the trustee has an obligation to notify the SRO if:
- the trustee acquires land, or acquires further land as trustee (this includes trustee acting as bare trustee on behalf of a superannuation fund);
- the trustee disposes of any land that is subject to the trust;
- there is any change to the beneficial interest in land subject to a fixed trust where a beneficiary notification is in force;
- there is any change to the unit holding of a unit trust scheme where a beneficiary notification is in
- the administration of a deceased estate which includes land situated in Victoria is completed.
Where the taxpayer fails to notify the SRO within the required time period, the failure to notify will constitute a ‘notification default’ which could result in a penalty tax liability of between 25% and 75% of the additional amount of tax that would have been assessed had the notification been made on time.